A) RBI is the Central Bank of the country. (Correct) - It is the apex monetary authority. B) RBI is the banker of the Central and the State Governments. (Correct) - It manages the banking needs of the government. C) RBI is the custodian of the country's Foreign Exchange Reserve. (Correct) - It manages the foreign currency assets. D) RBI was established in 1949. (Incorrect) - The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934. It was nationalized (taken over by the government) in 1949.
Which one of the following statements is not correct ?
Asked in UPPSC Upper Mains 2011 · Topic: Money & Banking (Reserve Bank of India (RBI): Role, Functions, and Autonomy)
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